Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Wallbridge (TSX:WM) announced on Tuesday further intersections from the definition drilling outlining high-grade results within the Main Gabbro area on its Fenelon gold property in northwestern Quebec.
Exploration activity resumed at Fenelon after a halt due to covid-19 containment measures.
Result highlights include 70.84 g/t Au over 5.35 metres in hole 20-5150-022, 32.26 g/t Au over 7.05 metres in the Naga Viper Zone as well as 51.37 g/t Au over 2.10 metres in the Cayenne Zone.
Exploration activity resumed at Fenelon after a halt due to covid-19 plans from the provincial governments
“In addition to delivering exceptional results, the definition drilling has further defined the near-surface zones immediately surrounding existing infrastructure,” said Francois Demers, VP, mines & projects at Wallbridge. “This allows us to advance the mine planning required with the goal of taking the Main Gabbro into production in the future while exploration and expansion of Tabasco and Area 51 continues.”
“Eventual production from the Main Gabbro would likely be the first step as we continue to drive this multi-phase project forward,” he added.
Results from five short exploration drill holes testing the near-surface western extension of the Main Gabbro Zones were also announced, and include 12.12 g/t Au over 1.90 metres and 4.38 g/t Au over 1.15 metres.
These intersections are approximately 300 and 140 metres west of the nearest mine workings.
The company now estimates completing between 70,000 and 80,000 metres of drilling in 2020.
Midday Tuesday, Wallbridge’s stock was up nearly 7% on the TSE. The company has a C$615 million market capitalization.
